BBC Commits to New Contribution Schedule if Necessary
14 August 2012 (PLANSPONSOREurope.com) –The BBC is committed to revising its schedule to address its £2.6bn pension deficit, a spokesperson has told PLANSPONSOR Europe, but the broadcaster would not speculate on the level of contribution it will need to make.
In a blog BBC CFO Zarin Patel said it would be at the next full valuation of the pension scheme in 2013 that Trustees and the BBC will, if necessary, agree a new schedule of contributions to address any deficit.
She added the BBC is fully committed to the deficit recovery plan agreed with the Pension Trustees following the 2010 valuation and have paid the first two years' extra contributions, adding that if the scheme has not been reformed the organisation estimates that the deficit would now be around £750m higher.
A BBC spokesperson told PLANSPONSOR Europe: “We are in year two of a triennial valuation so it is not the right time to speculate on what changes might be recommended at the end of next year. We don’t know what the situation will be at that point.
“If necessary we will agree a new schedule of contributions to address any deficit.”